截至招股意向书签署之日，张经纬直接持有公司49.84%的股份，并通过北京世盟投资有限责任公 司间接持有公司7.22%的股份，合计持有公司57.06%的股份，同时担任公司董事长、总经理和法定代表 人，为公司的控股股东和实际控制人。 世盟股份2026年1月15日披露的招股意向书显示，公司拟募集资金70,842.31万元，分别用于世盟供 应链运营拓展项目、世盟运营中心建设项目、世盟公司信息化升级改造项目、补充营运资金。 公司简介： 据招股意向书，世盟股份专注于为跨国制造企业提供定制化、一体化、嵌入式的供应链物流解决方 案。公司致力于满足客户先进生产制造体系中的高效、及时、灵活性供应链管理需求，提供包括运输服 务、仓储及管理服务、关务服务在内的全方位、一体化综合物流服务，助力客户缩短生产周期、降低库 存成本、提高生产经营效率。 世盟供应链管理股份有限公司 保荐机构(主承销商)：中国国际金融股份有限公司 发行情况： | 股票代码 | 001220 | 股票简称 | 世闊股份 | | --- | --- | --- | --- | | 申购代码 | 001220 | 上市地点 | 深圳证券交易所 | | 发行价格(元/股 ...

Core Viewpoint - The company, Shimon Co., Ltd. (001220.SZ), is set to be publicly offered on the Shenzhen Stock Exchange, focusing on integrated supply chain logistics services for the manufacturing industry [1]. Group 1: Company Overview - Shimon Co., Ltd. was established in 2010 and specializes in providing comprehensive logistics services, including supply chain logistics and trunk transportation services [1]. - The company has developed strong resource integration capabilities and logistics experience, particularly in key ports like Tianjin and Shanghai, making it a representative enterprise in the container land transportation logistics sector in North China [4]. Group 2: Financial Performance - The projected operating revenues for Shimon Co., Ltd. from 2022 to 2024 are 8.08 billion yuan, 8.35 billion yuan, and 10.28 billion yuan, respectively, with net profits of 1.12 billion yuan, 1.33 billion yuan, and 1.7 billion yuan [5]. - The company has a stable customer base, including leading firms in the automotive, packaging, and lithium battery sectors, which supports steady revenue growth [5]. Group 3: Market Position and Competition - The logistics market in China is characterized by intense competition, with most companies offering traditional services. Shimon Co., Ltd. differentiates itself by providing integrated logistics solutions that combine various resources [4]. - The company has established long-term partnerships with industry leaders such as Beijing Benz, Beijing Hyundai, and Tetra Pak, enhancing its competitive edge [4]. Group 4: Investment Details - The initial public offering (IPO) price is set at 28.00 yuan per share, with an institutional pricing of 29.26 yuan per share, and a market capitalization of 19.38 billion yuan [2]. - The company’s earnings per share (EPS) is projected at a price-to-earnings (P/E) ratio of 15.29, compared to the industry average of 14.64 [2].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a "de-involution" trend driving up prices and releasing profit elasticity for companies. This creates a favorable competitive environment for the e-commerce express delivery sector in the medium to long term. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and ongoing cost reductions, with potential for both performance and valuation increases [16][17] - In the shipping sector, the outlook for crude oil transportation is positive due to the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts. The geopolitical uncertainties in the Middle East may enhance VLCC freight rate elasticity. The market for oil transportation is expected to improve significantly in Q4 2025, with recommendations to focus on companies like China Merchants Energy and COSCO Shipping Energy [17] - The shipping market is anticipated to recover, driven by environmental regulations limiting the operation of older fleets and the upcoming production of the West Manganese iron ore mine by the end of 2025. This is expected to catalyze global demand for bulk commodities [17] - The aviation sector is expected to see Q3 performance as a signal for a long-term market upturn, with stable demand growth and a tightening supply situation [17] Summary by Sections Express Delivery - In November 2025, the express delivery business volume reached 18.06 billion pieces, a year-on-year increase of 5.0%. The total revenue was 137.65 billion yuan, a year-on-year decrease of 3.7%. The growth rates of major companies varied, with YTO Express and Shentong Express showing significant increases in business volume [4][31] - The "de-involution" trend in the express delivery industry has led to improved pricing, strengthening profit recovery expectations for the fourth quarter [4][16] Shipping and Ports - The BDTI index for crude oil transportation increased by 1.13% to 1399 points, while the BCTI index for refined oil transportation rose by 1.0% to 755 points. The BDI index for bulk shipping decreased by 11.9% to 2147 points [12][47] - The shipping market is expected to benefit from a recovery in demand and the green transition in shipbuilding, with recommendations to focus on companies like China Shipbuilding and China State Shipbuilding [17] Aviation - In November 2025, civil aviation transported approximately 60 million passengers, a year-on-year increase of 6.6%, and cargo and mail transport reached 930,200 tons, a year-on-year increase of 10.9% [58] - The overall passenger load factor for major airlines was 85.57%, indicating a stable demand environment [64] Logistics and Supply Chain - The logistics sector is experiencing a positive transformation, with companies like Shenzhen International expected to benefit from upgrades in logistics parks and improved profitability [17] - The chemical logistics market is also showing potential for growth, with significant opportunities for leading companies like Milky Way and Xingtong [17] Ports - The total cargo throughput at Chinese ports for the week of December 8-14, 2025, was 262.48 million tons, a week-on-week decrease of 1.16%, while container throughput was 6.59 million TEU, also down by 0.89% [79]

Core Viewpoint - Anke Intelligent Supply Chain Co., Ltd. (Anke Zhiliang), a subsidiary of Midea Group, is preparing for an IPO on the Hong Kong Stock Exchange, highlighting the strength of its parent company and the growth potential in the logistics sector [2][6]. Group 1: Company Overview - Anke Zhiliang, originally Midea Group's logistics division, was established in 2000 and rebranded in 2017 to focus on smart logistics, becoming an independent supplier of integrated supply chain solutions [4]. - The company has developed a unique "1+3" supply chain model, providing end-to-end logistics services that help businesses optimize their supply chains and reduce costs [4]. - As of June 2025, Anke Zhiliang serves over 9,000 enterprise clients across various industries, including home appliances and automotive, with a management warehouse area exceeding 11 million square meters [4]. Group 2: Financial Performance - Anke Zhiliang has maintained double-digit growth over the past three years, with revenues of 141.73 billion, 162.24 billion, and 186.63 billion from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 14.8% [5]. - The net profit for the same period showed a CAGR of 33%, with figures of 2.15 billion, 2.88 billion, and 3.8 billion [5]. - In the first half of 2025, the company achieved a revenue of 108.85 billion, a year-on-year increase of 20.23%, and a net profit of 2.48 billion, up 21.75% [5]. Group 3: IPO Journey - Anke Zhiliang has attempted to go public multiple times, with its first attempt in 2009 being rejected due to high related-party transactions [8]. - After a slow progress post-rebranding, the company received approval from Midea Group's board in July 2023 to prepare for an IPO on the Shenzhen Stock Exchange, but later shifted its focus to the Hong Kong market [9]. - Prior to its IPO application, Anke Zhiliang secured 1.9 billion in Pre-IPO financing from various investors, including Hisense Group and Zhongding Capital [9]. Group 4: Parent Company Insights - Midea Group reported a total revenue of 2,523 billion in the first half of 2025, a 15.7% increase year-on-year, with a net profit of 260 billion, up 25% [11]. - The group has a significant investment portfolio, having established multiple investment platforms and made numerous investments across various sectors, including smart appliances and medical devices [11]. - If Anke Zhiliang successfully goes public, it will mark the 10th IPO for the family of Midea's founder, He Xiangjian, further expanding their capital influence and wealth [13].

Core Viewpoint - Union Pacific has announced an $85 billion cash-and-stock deal to acquire Norfolk Southern, marking the largest railroad merger in history and the biggest M&A transaction of 2025 to date [1][2] Deal Details - NSC shareholders will receive $88.82 in cash and one share of UNP for each share of NSC, with an offer price of $320 per share, representing a total enterprise value of $85 billion and a 25% premium to Norfolk Southern's weighted average share price over the prior 30 days [3] - Norfolk Southern shareholders will hold approximately 27% of the merged company [3] Operational Impact - The merged company will span over 50,000 route miles across 43 states, linking about 100 North American ports, creating a logistics powerhouse valued at over $250 billion [4] - The merger aims to eliminate interchange delays, open new routes, expand intermodal services, and reduce transit times on key rail corridors [4] Financial Projections - The transaction is expected to generate an estimated $2.75 billion in annualized synergies and be EPS-accretive in the second full year after closing, with high single-digit EPS growth projected thereafter [5] - The deal is expected to close by early 2027, following a 16-month statutory review by the Surface Transportation Board [5] Regulatory Environment - The merger is expected to face intense regulatory scrutiny and opposition from major railroad labor unions, citing potential job losses, safety risks, and service disruptions [6] ETFs Benefiting from the Merger - iShares U.S. Transportation ETF (IYT) has significant allocations to UNP and NSC, accounting for 16.1% and 4.8% of total assets, respectively, with a total asset base of $750.6 million [7] - ProShares Supply Chain Logistics ETF (SUPL) includes UNP and NSC among its top holdings, with over 4% share each, and has an asset base of $1 million [8] - Themes US Infrastructure ETF (HWAY) holds NSC and UNP in its top 10 holdings, making up 4.5% and 3.7% share, respectively, with an asset base of $1.2 million [9] - First Trust Nasdaq Transportation ETF (FTXR) also includes NSC and UNP in its top 10 holdings, with 4.4% and 3.6% share, respectively, and an asset base of $30.2 million [10]

Group 1 - The core viewpoint of the news highlights the participation of Liu Qiangdong, founder of JD Group, in a Sino-European entrepreneurs' symposium, emphasizing the importance of maintaining open trade rules and stable global supply chains amid complex global circumstances [2] - JD Group's international business model focuses on localization, offering a one-stop shopping experience for European consumers by selling branded products through a self-operated model [2] - The sales of European brand products on JD's platform exceeded 740 million units with a revenue of over 87 billion in 2024, and in the first half of 2025, sales surpassed 390 million units with revenues exceeding 46 billion [3] Group 2 - JD Logistics has established over 20 overseas warehouses in Europe, covering more than 300,000 square meters, enhancing supply chain service efficiency through automation [3] - The logistics services provided by JD Logistics have received positive feedback from numerous clients, primarily consisting of local European enterprises [3]